Global Fleet Management Market to be Driven by Increasing Need for Operational Efficiency

A new market research study,
titled “Fleet Management Market - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 – 2024,” by Transparency Market Research
provides a detailed analysis of the market. The research study covers the major
growth drivers, barriers, major product segments, and competitive landscape of
the market. The study further includes insightful recommendations given by
industry experts to guide the existing as well as new players in formulating
effective business policies. The study further presents the estimated figures for
the global fleet management market with the assistance of charts, tables,
infographics, and graphs.

Fleet management offers a
range of telematics solutions that have been designed to empower commercial
fleet-based organizations to become more sustainable and enhance their profitability.
The global market for fleet management is growing significantly making a move forward
from the supremacy of standalone systems to the subscription-based fleet
management systems, which were initially adopted primarily by small and medium-sized
companies. Several recognized global commercial fleet vehicle manufacturers are
providing core telematics features in vehicles.

The growing need for
operational efficiencies, decreasing connectivity and hardware cost, and
several environmental concerns are some of the major factors expected to fuel
the growth of the global fleet management market throughout the forecast
period. In addition, the introduction of future high-tech vehicles and the rise
of regional economies are anticipated to create potential opportunities for the
market players. However, the safety and security of drivers and cost
sensitivity of fleet owners are the major challenges that may hamper the growth
of the market in the coming years.

By geography, the global
market for fleet management has been bifurcated into the Middle East and
Africa, North America, Latin America, Europe, and Asia Pacific. Currently, North
America and Europe are leading the global fleet management market, owing to the
increased adoption of several fleet management systems. In addition, the extensive
wireless communication networks, growing awareness among the commercial
operators, and strict traffic regulations, which have mandated the use of fleet
management systems are some of the major factors fueling the growth of these
regions throughout the forecast period.